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Study Resources (Accounting)

106.The following input is in an accounts payable application: Account numberGross amount 62899482 32764860 12807298 97649062 12835775 Required: Calculate the appropriate (a) record count; (b) financial total; and (c) hash total. 107.For each of the following situations, indicate the program data editing technique that is appropriate to detect the error: a.  A system user transposed digits when entering a.
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11.Modulus 11 is a popular key-verification and edit software program. 12.Paperless input systems are referred to as on-line input systems. 13.Matching a vendor code to a table file of valid vendor codes is an example of a valid code check. 14.Using a paperless input system helps ensure the segregation of duties and provides.
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TRUE/FALSE QUESTIONS 1.A sales order is an example of a source document that may be prepared manually. 2.The absence of control procedures over data transmitted between user departments and the data processing department could represent a serious weakness in the system. 3.The use of input control documents is  necessary when forwarding data to.
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FILL-IN-THE-BLANK QUESTIONS 31.The procedure in which costs are compiled in process or department accounts by periods is called __________ costing. 32.A document that details the resources available in stock for use in production is the __________ ________ report. 33.A document detailing the work completed on individual orders as they move through the manufacturing.
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97.Presented below is a list of terms relating to accounting information systems, followed by definitions of those terms. Required:  Match the letter next to each definition with the appropriate term. Each answer will be used only once. _____  1. Imprest techniques _____  2. Factoring _____  3. Blanket order _____  4. Customer audit _____  5. Cycle billing _____ .
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56.Goods receipt documents can be prepared in several ways. Which way below would  be used when preparing a goods receipt document? a.  By the Inventory Management system b.  By allowing accounts payable to prepare the document c.  By reference to the purchase order d.  Posting the goods receipt document into quality inspection 57.In R/3, the.
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86.The master file in a computer system is equivalent to which one of the following manual system features? a.  Subsidiary ledger b.  Journal c.  Register d.  Log 87.For a general ledger accounting system to be properly maintained, data must be: a.  collected b.  recorded c.  properly classified and entered into appropriate records for further summations d.  All of these.
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76.Which of the following is  a major control feature of the cash disbursements business process? a.  Use of a voucher system b.  Use of an imprest fund c.  An independent bank reconciliation d.  Separation of approval from actual payment 77.The function responsible for forwarding voucher checks directly to payees is: a.  cash disbursements b.  accounts payable c.  internal.
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105.When goods arrive at a company’s location, what are the ways a receiving report (goods receipt document) can be prepared in SAP R/3’s procurement business process? 106.Explain the difference in a voucher system between recording invoices when they are approved for payment versus recording invoices when paid. .
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FILL-IN THE BLANK QUESTIONS 41.The use of __________ control over the entire data processing input-process-output sequence is fundamental to organizational independence. 42.The use of programmed edit checks to discriminate among acceptable data is called __________ __________ auditing. 43.Using __________ __________ can compensate for the loss of paper-based internal controls. 44.The POS gasoline pump is.
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FILL-IN-THE-BLANK QUESTIONS 36.A well-designed customer order business management process captures __________ __________ as early as possible and reuses it in subsequent activities. 37.A contract to provide goods or services over a period of time is sometimes called a(n) __________ __________. 38.__________ is an information system that enables the implementation of sophisticated and flexible.
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TRUE/FALSE QUESTIONS 1.A synonym for the word “purchasing” is “procurement.” 2.The eight documents in the SAP R/3 Materials Management module may be processed “on-line.” 3.All eight documents in the SAP R/3 Materials Management module are used each time an item is purchased. 4.Numeric document type codes are assigned to each new procurement document created.
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MATCHING QUESTIONS 96.Presented below is a list of terms relating to accounting information systems, followed by definitions of those terms. Required:  Match the letter next to each definition with the appropriate term. Each answer will be used only once. _____  1. Purchase requisition _____  2. Procurement _____  3. Approved vendor list _____  4. Blind count _____  5..
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102.Presented below is a list of terms relating to accounting information systems, followed by definitions of those terms. Required:  Match the letter next to each definition with the appropriate term. Each answer will be used only once. _____  1. Key verification _____  2. Real-time _____  3. On-line, real time computing _____  4. Input document control.
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98.The following ten items describe positions or departments related to procurement and human resource business processes. Listed below are ten positions or departments: A.  Cash disbursements B.  Paymaster C.  Purchasing D.  Receiving E.  Accounts Payable F.  Payroll G.  Personnel H.  Timekeeping I.    Internal audit J.    Stores Required: Next to each number, write the letter of the answer representing the department or.
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FILL-IN THE BLANK QUESTIONS 31.Once a purchase requisition is completed, it is electronically forwarded to a(n) __________ for approval. 32.__________ documents are used in the selection of a vendor. 33.The __________ __________ purchase order is issued to initiate a movement of goods between plants in a company. 34.R/3 Master Material records contain so much.
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102.Southeastern Supply Company has been in business for one month. The chief information officer of the company is designing procedures for its sales order entry system. Top management wants procedures for both general and specific authorization. Required:  Describe procedures to accomplish each of the following activities and indicate whether each procedure.
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ESSAYS 109.Describe how random-access file updating differs from sequential file updating. 110.Describe how a son-father-grandfather master file retention system works. Describe how a master file destroyed in an update can be restored using this retention system. 111.Discuss the components necessary to operate a real-time sales system. .
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MATCHING QUESTIONS 101.Presented below is a list of terms relating to accounting information systems, followed by definitions of those terms. Required:  Match the letter next to each definition with the appropriate term. Each answer will be used only once. _____  1. Key verification _____  2. Valid code check _____  3. OLRS _____  4. Output distribution register _____ .
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21.A sequentially organized master file commonly resides on a direct-access storage device. 22.When preparing the transaction file, occasional data editing of source documents prior to input is suggested. 23.Editing as a function may be placed between the input and process functions in a processing flow diagram. 24.There are three major aspects to the.
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MULTIPLE-CHOICE QUESTIONS 51.Which of the following activities is optional in the customer order business management process? a.  Order entry b.  Contract creation c.  Shipping d.  Billing 52.The customer order business management process begins when a: a.  customer order is entered into the system b.  customer order is shipped c.  customer invoice is generated and sent to the customer d.  potential.
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21.In a negative timekeeping system only exceptions are recorded. 22.The travel expense component of the R/3 HR-PA does not support HR recruitment efforts. 23.An “infotype” is a SAP term that denotes a collection of data fields that is grouped together for display. 24.Payroll processing is one of the simplest procedures within a large.
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66.A data editing routine that compares data with acceptable values is a: a.  limit test b.  table lookup c.  financial total check d.  valid code check 67.A data editing routine that compares numeric data input within a range is a(n): a.  table lookup b.  hash total check c.  limit test d.  internal label test 68.An extra digit added to a.
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TRUE/FALSE QUESTIONS 1.Inquiry is an essential activity in the customer order business management process. 2.The primary function of the customer order business management process is order fulfillment. 3.Inquiries contain delivery information; quotations do not. 4.A legal agreement, prepared before selling to customers as a matter of company policy, is a contract. 5.After a sales order.
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MULTIPLE-CHOICE QUESTIONS 46.In the materials planning system, purchase requisitions can: a.  only be prepared electronically b.  only be prepared manually c.  be prepared either manually or electronically d.  Purchase requisitions are  part of the materials planning system. 47.The final step in the procurement process should be: a.  preparation of the purchase order b.  vendor payment c.  receipt of the.
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PROBLEMS 103.Base your answer using the following version of the Modulus 11-check digit found in Chapter 6. For a four-digit account number: 1.  Multiply each digit separately by the corresponding digit in the sequence: 5, 4, 3, 2. 2.  Add results of digit multiplication in Step 1, digit-by-digit. 3.  Subtract Step 2 results from the.
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11.Invoice verification is responsible for the payment of invoices in R/3. 12.In R/3, every module can access every master record. 13.Goods movement can be either an internal or external event. 14.Well-designed receiving procedures should call for an independent count of materials delivered and for the preparation of the receiving report. 15.In the procurement business.
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MULTIPLE-CHOICE QUESTIONS 56.Fundamental controls over data transfer between user departments and data processing include: a.  batch control totals b.  data transfer registers c.  activity file totals d.  Answers a and b are both correct. 57.Input data should be accompanied by the completion of a(n): a.  data transfer log b.  input document control form c.  data transfer register d.  key verification.
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21.The cost-accounting application program processes the production data and production-status files. 22.Outputs of a cost-accounting program are job time and machine time tickets. 23.The term “applied overhead” refers to the element of direct labor hours or cost used in the CIM environment. 24.Activity-based costing calculates a single overhead rate for each different manufacturing.
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PROBLEMS 99.Below are the documents commonly encountered in a procurement business process: a.  Purchase requisition b.  Purchase order c.  Receiving report d.  Payment voucher Required:  For each document, (1) state where it originated, and (2) give the entity or entities (e.g., other departments or parties) which would most likely receive a copy of the document or.
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ESSAYS 102.Name four federal acts or types of taxes that relate to payroll, and briefly discuss the main provision of each. 103.Discuss the employer’s requirements for FICA tax, including the procedures for deposit, penalties for failure to deposit, the form used to report the tax, and the due dates of the.
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31.Paid customer invoice records are retained on-line for a year and are available for inquiries. 32.Comparing the activity file and the bank summary file does not ensure that all cash has been deposited and has been applied and recorded on the activity file. 33.Using an OLRS, master files are always up-to-date because.
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76.A transaction log that is “tagged” means that: a.  it has been catalogued in the EDP library b.  it is full and cannot hold any more information c.  it has been key verified and data edited d.  additional, audit-oriented information is included with original transaction data 77.Sue Pang enters sales data directly into the computer-input.
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21.Accounts receivable often represents the majority of an organization’s working capital. 22.Selling accounts receivable at a discount to a collection agency is part of a company’s cycle billing plan. 23.The approval of sales returns and allowances is a function of the credit department. 24.After an allowance has been authorized and approved, the credit.
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MULTIPLE-CHOICE QUESTIONS 46.Which of the following controls is  a typical function found in the production business process of manufacturing firms? a.  Cost accounting b.  Production control c.  Property accounting d.  Capital expenditure review and authorization 47.Cost accounting systems encompass: a.  inventory control b.  production control c.  both inventory and production control d.  neither inventory nor production control 48.Which inventory control is.
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98.The following ten paragraphs describe control weaknesses in customer order and account management business processes. Listed below are 11 controls that may help control the weaknesses: A.  Customer credit check B.  Master price list independent from Order Entry C.  Credit department approval of customer account adjustments D.  Independent confirmation from internal audit to customer E. .
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MATCHING QUESTIONS 96.Presented below is a list of terms relating to accounting information systems, followed by definitions of those terms. Required:  Match the letter next to each definition with the appropriate term. Each answer will be used only once. _____  1. Remittance list _____  2. Credit memo _____  3. Open-item processing _____  4. Bill of lading _____ .
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81.To provide an adequate separation of functions in the accounts receivable business process, maintaining the subsidiary accounts receivable ledger should be the responsibility of: a.  billing b.  accounts receivable c.  cash receipts d.  general ledger 82.To provide an adequate separation of functions in the accounts receivable business process, maintaining the accounts receivable control account should.
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71.Which of the screens listed below in SAP R/3 system is  optional when a company records information relating to a sale? a.  Pricing b.  Create sales order c.  Business data header d.  Scheduling 72.The prices entered on sales orders should be independent of the sales order function. To achieve this transaction cycle control, the company’s.
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ESSAYS 103.Describe the following order entry procedures: a.  Pricing b.  Credit checking c.  Availability checking 104.Goodfellows Manufacturing Company is a mature user of the SAP R/3 order processing system. Goodfellows recently acquired another manufacturing company and it wants to consolidate its customer records into Goodfellows’ SAP R/3 system. What are two things Goodfellows must do.
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61.Hierarchy assignment includes a customer’s: a.  distribution channel b.  geographical location c.  credit approval d.  All of these answers are correct. 62.The first screen used to create a customer in a SAP R/3 system is: a.  control data b.  contact person c.  initial d.  account management 63.In the SAP R/3 system, the “create customer” screen, which is used to input.
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11.In the SAP R/3 system, the “contact person” screen is used to indicate the specific days and times the customer will accept deliveries. 12.The SAP R/3 “sales” screen is used to code a customer’s currency exchange rate. 13.The transmission medium used for preparing and sending an invoice to customer can be found.
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86.In R/3, human resource object types are identified with a one or two letter identifier. The code for the object Employee is: a.  E b.  EE c.  P d.  W 87.The department responsible for authorizing employee pay deductions is the: a.  payroll department b. personnel department c.  independent paymaster d.  production department (for factory workers) 88.The department responsible for collecting.
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66.Which of the following accesses the purchase order database during the processing of a purchase order? a.  General ledger and accounts payable b.  Accounts payable, stores, and the receiving department c.  Receiving department, stores, and the general ledger d.  Accounts payable, stores and the general ledger 67.Which of the following normally receives a copy of.
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PROBLEMS 99.Melbourne Manufacturing Company is a new start-up business that has not yet opened its doors. The controller for the company is concerned about the best way to process accounts receivable.  The controller expects each individual sale to be relatively large, and her goal is for all customers to pay on.
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TRUE/FALSE QUESTIONS 1.Costs in job or processing costing may be either actual or standard costs. 2.Detailed material specifications for a product are recorded on a bill of lading. 3.Factor availability reports communicate the availability of labor and machine resources for use in production. 4.Sales forecasts are generally unrelated to the amount of a product.
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97.The following ten paragraphs describe control weaknesses in customer order and account management business processes. Listed below are ten controls that may help regulate the weaknesses: A.  Separation of payroll and personnel departments B.  Independent paymaster to distribute paychecks C.  Imprest payroll bank account D.  Vendor selected by purchasing department E.  Timekeeping department reconciles time.
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11.Industrial robots are used to move material, parts, tools, or specialized devices through variable programmed motions for the performance of a variety of tasks. 12.CAM systems are used to collect and process data from programmable manufacturing processes to provide decision support. 13.Systems that incorporate programmable production processes that can be quickly reconfigured.
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